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, but a change. you were bullish in the u.s. saying i'm going to europe and other areas. why? >> well, maybe it's controversial when you look at the headlines in europe and asia and elsewhere in the world, but our thesis is predicated primarily on what we call price matters, which is essentially evaluations so when you look at the u.s. markets, and in our opinion, u.s. markets are still relatively attractively valued because they are, on our models, 20% below long term return trend sot force of reversion works in your favor, but if you look at efa, it's further below the long term trend, 35%-40% below the long term trend, and history coral lates to strong adjusted returns over the next decade. you know, that's the long term view op places like europe and asia. the shorter term view is that our tool set for tactical moves is don't fight the fed or the trend, be aware of the crowded extremes, and like in the u.s. where the fed is on a risk market side, that's true in the ecb, a huge change. the change in the ecb leadership and the embracing of american style qe is a big reason why we went from st
in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the cliff. that's what they think. they think that you favor -- >> just for the record since we're on tv. that's silly if they think that they shouldn't be ceos. >> it doesn't really matter. that's what they think. >> i want you to walk me up to that moment. >> behind the record. i like that too. >> i'm stuck. like grover is stuck with this pledge he made everybody take which is that they have to go over the cliff beca
. europe has also been a blend of red and green as the ft names ecb chief the person of the year. we're going to kick off with breaking news. for that would, we go to david faber. >> news on best buy, in the news yesterday. the stock up sharply. what we can tell you right now is the board of directors of best buy, and its founder, richard schultz, has been trying to put together a group to essentially buy the company in a go private transaction, have extended the deadline in which he would need to come with a bid for best buy and created a window in fact that will begin on february 1st next year and end with the end of that month on february the 28th. giving schultz the opportunity to look at not just christmas sales, but the end of their fiscal year, which will end at best buy on the 31st of january. and that window, again, will be 28 days long giving him an opportunity to continue to try to cobble together a bid with private equity firms and those who might finance a potential bid for the company at whatever price that might come at, if it were in fact to come at all. no word in te
been a resurgence of developed markets, europe particularly, and investors who left that market, that's been a great place to be for the last few months. there's so much focus on fiscal cliff. i think that's very hard to do on a day to day basis. for multiasset portfolios, the rest of the world is a good story right now. >> because we're so dominated by these issues in washington. rick santelli, some enthusiasm going on in these markets today with the anticipation of perhaps a deal. do you buy into it? is that what you're seeing in chicago? >> first of all, there are many expecting a deal. down in chicago, we don't just hope for a deal, we hope for a reform-oriented deal. to just do a deal without tagging it to reform is just going to make more of the same at some future date. the treasury complex really, really unfazed by just about all of it. briefly, we're under a 158 yield. haven't been there since second week in november. after 815, 118,000 jobs, interest rates were never as high as they were before that number. that really set part of the stage for treasuries. >> and you guys do
in yesterday's rally. we didn't get housing starts, that's earlier today. as for the picture in europe, really the stand outout here is the euro. greece getting a five notch upgrade at the s&p. our road map this morning starts with gm. government motors no more. the treasury to exit its stake in the next 12 to 18 months, purchasing 2 million shares by the end of this month. >> another challenging quarter for fedex with the blame squarely on sandy. but the stock is up pre-market. >> oracle posts a strong quarter with even stronger guidance. the season rebound in europe. no impact from the fiscal cliff. >> and ge gets boosted from ubs's key call list on the weaker than expected macro environment. still on the list is including -- well tell you in a couple of minutes. >> general motors is up sharply in the pre-market session. the treasury department says it intends to sell the rest of its stakes in gm in the next 12 to 15 months. the automaker will buy back 200 million shares from treasury for $27.50 a share. treasury says it plans to sell its other remaining shares through various means in an or
the actual global land scape is looking like from europe to here in the u.s.? >> well, i just spent two weeks in europe, and i don't think things are as bad in europe as a lot of people do. liz: why not? >> the politicians, the bankers and the bureaucrats are the same in europe as they are here. they don't want to lose their jobs, and they're going to continue to paper over this and try to buy time just like we did in our fiasco in '07, '08 and '09. david: david, on the other hand, some people would say what they're doing is stunting growth, raising tax rates, something that may stunt our growth as well. you say that this bull market is overbought right now. it's about to end. why and how sharp a correction are you expecting? >> well, we believe that the high of 12 weeks ago was probably the high for the whole recovery cycle the that started in march of '09. remember that the u.s. stock market was the only market in the world that made a new high this year. we were the best looking house on a very bad looking street. and we believe that the market is overvalued perhaps 20-30%, but we also bel
there of in europe. mario monti is stepping down as prime minister of italy. he lost support of the people. he was out in front of italy's debt crisis last year and he lowered the bar in cost. he is a smart guy. he obviously does not want to stay there. investors took heart from the latest data out of china. growth is accelerating. no more that owning our process here. almost 10%. beating analyst estimates. copper moved higher. it is an industrial metal. money flowing into stocks. minors like numa mining. then, of course, the announcement that they would be taking a big acquisition. today, it is up more than a percent. cliff natural of about 5%. we should not forget mcdonald's. better same-store sales than expected. coming up in just a few minutes. cash is king at ethan allen peered the furniture retailer throwing a lot more cash at shareholders. they are announcing a one-time payout this month alone. we will get the inside story from ethan allen chairman and ceo farooq kathwari. you have to hear about his plans for china. international expansion is a huge priority. the chinese may like that p
're cleaner than europe is right now. >> right. >> so we haven't felt it. my main worry is the following, that if the republicans and democrats can't get together to solve the fiscal cliff you will need an external force, a major market sell-off, you will need a major economic trauma to get them to poex. >> other things have been on the table. i want to talk to our viewers about a few of those as soon as we come back. coming up next, republicans want a new formula for inflation. it's called chained cpi. not a bad idea overall but it could slow the payments to social security recipients. the president has said he could agree to it but democrat lawmakers say no way. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inf
morning. all right. coming up new at 10, germany's chancellor angela merkel says europe will have to work very hard to it maintain its current standard of living. at the top of the hour, find out what she's saying about welfare and here is another development from overseas. we brought you the story last week, french actor gerard depardu, he is leaving home, leaving france because of higher taxes and handed in his passport. now, the french prime minister has some choice words for mr. depardu. he's obviously in the happy with him and find out exactly what he said at ten o'clock eastern time this morning. time is money. 30 seconds, here is what else we've got for you, an in japan, again, a landslide win, so, what's the new prime minister going to do about the world's worst debt problem? print more money and stimulate more, too. build more infrastructure. will that work? we have our own resident japan expert. question, is jeff immelt's cozy relationship with the president costing general electric shareholders money? we will be discussing it. and i lost on friday when i questioned "the washing
states, 7% china, 5% india, negative one in europe. in that environment you want to own a portfolio of multinational companies with dividends, global exposure, it will provide as good of a return as anything else when you have bonds and cash paying so low. as long as you understand you're in the seven, 8% environment, portfolio stocks should be part of that. david: let's talk to a guy that says full speed ahead torpedoes. he thinks it will be better than this year was. saying people are confusing pickups for heart attacks in today's market to all these problems are going to seem like nothing when we come to the big gains of next year. you really think that will bear out, and how do you invest with that kinddof optimistic strategy? >> first of all what we have seen with investor sentiment is contradictory to what we've seen with consumer sentiment and business sentiment. when you see negative investor sentiment is not just in the retail side but also the institutional side creating a great potential opportunity for performance. secondly if you take a look at kicking the can down the
keeps rates unchanged. europe continues to hang in there economically. >> and nat gas gets a boost. the government finds exporting it is better than keeping it here at home. >> apple as we mentioned in the spotlight today, shares of the tech giant coming off their worst day in four years, sliding back into bear market territory. the one day loss erased nearly $35 billion in market cap. that chunk is bigger than 400 other s&p 500 companies. apple ceo tim cook talked to nbc's brian williams in our rock center exclusive. >> why can't you be a made in america company? >> you know, this i found, as a matter of fact, the engine in here is made in america. and not only are the engines in here made in america, but engines are made in america and are exported. the glass on this phone is made in kentucky. so we have been working for years on doing more and more in the united states, next year, we will do one of our existing mac lines in the united states. >> you can see the entire interview with tim cook tonight on rock center, that's 10:00 eastern time on your local nbc station, but for now
, but we are cleaner than europe is right now. so we haven't felt it. my main worry is the following. if the republicans and the democrats can't get together to solve the fiscal cliff, then you will need an external force, you will need major market selloff. you will need a major economic trauma to get them to focus. >> there are other things that have been on the table. i want to talk about a few of those, as soon as we come back. coming up, the republicans want a new formula for inflation, it's called chained cpi, it could slow the growth in payments to social security recipients, that's got some people mad. the president has said he could agree do it, but democratic lawmakers say no way. [ bells dinging ] ♪ hark how the bells, sweet silver bells ♪ ♪ all seem to say throw care away ♪ ♪ from everywhere, filling the air ♪ [ female announcer ] chex party mix. easy 15-minute homemade recipes you just pop in a microwave. like caramel chocolate drizzles. happier holidays. chex party mix. happier holidays. santho, ho, ho!anta! santa! want to see some magic? watch this! merry c
deal or not. futures are up and the dow gained 100 yesterday. but there is room for skepticism. europe's grappling with the same question helped by some decent uk inflation data today. and a t-bill auction in spain. our road map begins with what appear to be significant progress in the debt negotiations overnight. a whose proposal looking to raise rates for those making more than $400,000 a year. but senator corker on squawk just poured a bucket of ice water on those hopes. >> whitney boosts her recommendations on citi, bank of america and discover financial. is that move by one of the more famous financial bears, a sign of a new era for banks? >> walmart is once again the target of a "new york times" investigation. but does the paper add anything new and can the stock outperform just as it did last time. >> private equity firm server said it will sell the firearms conglomerate. is private equity talking about guns in the country. >> futures moving higher on optimism. the white house republicans rising above partisanship, getting closer to striking a deal on the fiscal cliff. we have t
taxes have done in europe and southern europe. france and germany about going into recession. japan is already in recession. why apply the poison here. you don't put it on taxes on the economy and why put poison in the patient. i don't get it. >> i'm not for tax hikes or anything, but if you kick the can voters are never going to be ready to reform or pay for entitlement reform. don't do entitlement reform. it took two years for reagan to do entitlement reform. sell by date is long past due on these measures to fix fiscal problems. the problem is we're in economic era of falling expectations and that has to stop. >> if we kick the can for six months that gets us to midterm elections? >> yeah, but the flip side of the argument you can pass a lot of bad bills. nancy pelosi, let's pass the healthcare bill so we can see what is in it. the big thing that we need to concentrate on is getting back to 3% growth. this 2% growth, all of our fiscal problems are going to get worse. we only have a prayer of supplying more jobs, bringing down unemployment and braying down the deficit if we have 3
. the dollar has been lower. they have talked about the gains that we have been seeing over in europe. the euro top 50. that is very interesting, as well. this is the environment. it bodes very well. another winning day here on wall street. drug stocks, bank stocks doing well. the vix, the fear index, is to the downside. let's take a look at urban outfitters. taking a look at their quarterly sales. they are looking better than expected. under their umbrella is a name brand that a lot of the teenagers know very well. they had a good block friday. urban outfitters is up over two dollars. back to you. connell: as we get close to this fiscal cliff, both sides agreeing to get serious. we have heard the house speaker will update us on the talks within that hour from house floor. we will hear what speaker banner has to say. joining us right now are to congressman. would you vote if there was an agreement? >> i think it will be a balanced plan that will increase revenues by raising the rates on upper income families, but, at the same time, agreeing to substantial cuts. connell: the reason i started by
losing month in nine years for mcdonald's, but they're doing well for breakfast and in europe. lori: thank you as always. melissa: president obama had to try to seeking more support for the fiscal cliff plan. peter barnes is here with the latest. >> just over an hour they will speak at a diesel engine plant persoextending tax cuts for fedl tax workers. keeping up the pressure on republicans to cave on taxes after the president and speaker john boehner met at the white house yesterday in a spokesperson said discussions with the white house are taking place, but we have no details to share about the substance of those conversations. they say perhaps the best strategy for them is to accept some higher tax rate the president is demanding, get that off the table and combat entitlement reform early next year the president can work for increasing the debt ceiling. republicans will have a little bit more leverage. speak a lot of people putting forward a theory, and i think it has merit for you give the president to 2% increass he is talking about, the rate increase on the top 2%, so there i
over europe but the president thinks you can tax-and-spend your way to prosperity. >>neil: what the administration throws back on the issue is take a look at italy and greece, austerity has worked. you say what? >>guest: they have a strange definition. alwaysst either to them means higher taxes in europe and the united states austerity means less spending. i am in favor of the right definition of austerity. the balkan countries got out of the mess and now they are doing well economically because they cut, not just cut spending in the washington sense of increasing it at a slower rate they spent less one year after the other and now they are out of the trouble. if you understand the right definition of austerity is the way to go, the problem is in most of europe it means higher taxes, obama wants to give us the bad part of europe, without the good part. >>neil: thank you very much. they are not cutting anything. just slowing the growth. rebound and former president bill clinton hitting the links. this is a photo from last year. what we don't know what was said teen them this year
's talk about europe. you mentioned emerging markets, but have you a big exposure to europe. stock markets going up, but no economic activity to speak of. is that where the economic activity not picking up yet for you guys either? >> yeah, when you look at last season, the last lawn and garden season, it was down somewhere in the neighborhood of about 15% of the the market overall, and that was really reflective, obviously of decreased consumer spending and people feeling a lot of the impacts of macroeconomic conditions in europe. as we look forward, into europe, into this next season, we're calling it flat, simply because there are is so much uncertainty going on over there with how they solve their economic problems. at the same time, geographic diversification is really important for us, especially in the emerging markets. last week, friday, we closed on a deal down in brazil, one of the key markets we look at from an emerging market standpoint, a company by the name of bronco, which does a lot of high-end equipment, commercial type equipment for the brazilian market and we think that w
of uncertainty. so you have china engineering a soft landing and starting to recover. you have europe away from the brink. greece got upgraded today. who would have thought it. that is what the market is looking at. saying okay. it is not going to be the worst kcase sharcenario, but you coul extend the middle class tax cuts and be done with it. it is in a recession. >> and i think the market would not like that very much. everybody is expecting that you get the middle class tax cuts done. >> and if you can get china and europe doing better. it is hard to be terribly bearish on the u.s. >> y are going to stay with our politico expert. this is a rally that has surprised experts. it hasn't been that easy to be optimistic. >> it is. i think you have to be cautious here. the probability that this could fall apart is very, very real. >> so, you have to be careful up at these levels as a trader. i have low exposure up here. i have protection. that is how you have to play this market. stay with us please. >> yesterday it looked like washington was inching towards a deal. but today, plan b could be sign
-growth country as a place to invest in. more companies would prefer to expand in asia than here, or even europe that i talk to. the bountiful energy found in america, all of the natural gas and all that stuff, i can think of just three companies taking advantage of it. and that's talking about exporting it. the partnership sign. a 20-year agreement with total today, cqp is the symbol there. the real problem is in the exporting of the cheaper, cleaner fuel that is natural gas. not burning it here. or manufacturing with it. the industrial renaissance as i've been telling you, as much as it just breaks my heart, is stillborn. it's not getting better. retail's a real worry. i think we've fallen off a gift cliff. so few companies i know are doing well this holiday season. it is looking like a total bust. courtesy of sandy, incredibly warm weather and, of course, the fear engendered by the serious issue that is the fiscal cliff. i see that weakness and i'm not crazy about these stocks, in general. but i think that the conclusion of the housing crisis is upon us. which means there will be more money g
before that, announcements to spur tit in europe p so buy into the feds, sell on it. people have been asked by playing inflation here. let me give you heavy volume in the pro share short treasury, tbt. twice the inverse of the treasury. got to be careful with this because it can only get results on a one-day basis. but a lot of people, maybe inflation will be an issue in 2013. >> sure, absolutely. >> it wasn't in 2012. but this trade is a big one. if it ever happens it is a huge trade. >> it is important to mention that that eta is twice the inverse. >> and it doesn't correlate on the long-term basis. only on daily basis. be careful. >> thanks, bob. appreciate it. >> this week i paid a visit to blackrock's trading floor. first time cnbc has been allowed access there, in fact. we got their outlook for 2013. blackrock president robert kapito oversees the firms as pepts here is what he said about the fiscal cliff and beyond. >> when you say they will take it to a crisis, does that mean we go over the fiscal cliff? >> there is a very high likelihood that it does or be at 11:59 on december
the slots at heathrow. those remain the crown jewel in terms of the airline business going over to europe. if you have access to those slots, it's a much easier way to become profitable or increase your profits over in europe. by the way, there are 31 daily flights between the uk and north america. we'll find out exactly what happens in terms of frequent flier redemption possibilities between delta and virgin atlantic. remember, virgin atlantic is not part of any global alliance, not part of the sky team alliance, although many wonder if that's going to change with some time. take a look at shares of delta. richard anderson has had a nice little move here. some people would say, listen, this is all about jet fuel as it has moderated. there's something else at play here. we'll be talking with richard anderson about this at 11:40, first on cnbc. we'll talk to him after the press conference announcing this deal. you don't want to miss what he has to say. this is a ceo, and we've talked about it several times, who is trying to take the steps that will help delta grow in the future. you look a
. as for the action in europe, really, the action focuses on italy where there's an impending political regime change. more on that in just a moment. the road map starts at the golden arches. mcdonald's blowing out expectations for november sales after the dismal drop in the month of october. hoping to fuel the rise, the bacon/onion/cheddar sandwich. >> there's one thing for certain, taxes on top earners are going up. >> turmoil in italy. berlusconi throws his hat in the ring. retail sales numbers out of china, hoping the economy is in fact on an upswing. >> apple, enthusiasm. jeffreys trimming its price target to 800 from 900, as apple shares do trade lower in the pre-market. we'll start with mcdonald's, posting better than expected november same-store sales, global comps up 2.4. u.s. same-store sales up 2.5, offered by breakfast offerings, including that cheddar/bacon/onion sandwich, as melissa mentioned. jim? people are saying the u.s. maybe is making a turn here. >> i find mcdonald's is levered to new products, levered to menu technology. they do invent things. my hat's off to janet. they had thi
to happen in europe about the future whether their taxes are going to go aboard not. the problem is if you are holding on to your cash because darrell issa fear you are losing money. is that -- can you get that message out? is there a way to address the people who are so fearful, who don't want to risk a lot of their money but to recognize it just to leave it stand is not helping them at all. >> i appreciate your question. this gets to the heart of the question. people getting so focus on the fiscal cliff that they are missing the big picture. the big picture we are delivered in one way or the other when you think of things in three frameworks the the supergood growth middle and growth dealing with fiscal the leveraging in a small amount and the downside of the fiscal cliff. the first category is not something we can really obtain. the other two are the more likely categories and they are the way to invest in those areas and the portfolio of getting returned in those areas -- [talking over each other] liz: they fan your portfolio. >> they need to give away the more distant up side. don't b
't know about double-digit earnings growth, but credit in europe, and a miracle in japan. it is incredible. earnings are starting to rebound because nominal gdp is increasing and the other thing about volatility, volatility is going lower making what could have been more tight, more stability going into next year. all of these things, they will have a great year as far as price concern. liz: we showed the s&p for the year up about 16% year-over-year. the nasdaq 17%, these are beautiful performances, can they continue through 2013? >> i got asked that question a lot. people say the market is up, they are expensive, that is not necessarily so. the market is up because the consumer confidence and spending and earnings are great and the stock market made up of individual stocks that represent corporate earnings. as i look out into 2013, i see a bunch of tailwind called the energy sector, the housing sector getting a lot better. i agree capital spending and manufacturing is making a renaissance in the u.s. and all that would achieve market make for good earnings. david: i brought it up with our
cheaper? europe. >> germany and france at two-week highs last week. >> there's a few countries over there. i like the relative value there. they've got a printing press. they're going to open that. what i learned is you don't fight the tape and don't fight a bailout. i've got about 30% off this country -- outside of this country. and added 10% in emerging markets. now i think that we've had a bloodless revolution again in china, i think it's a great place. look at emerging markets. better value while you wait around. >> and they've done well over the last year. it was just they've been the silent gain. you haven't quite realized they've been doing so well. >> i like it. i wouldn't rush into anything. if you hid cash on the side, what a good time getting in. >> this market has stopped reacting on a minute by minute basis to all the prognostications out of washington on the fiscal cliff. what do you make of that? are we becoming complacent? are we immune? what are you talking about on the floor? >> we just had the president speak. nothing there. china numbers tomorrow. then germany. maybe n
reports on in europe and their work rules. from london, what do they get that we don't? >> european workers have the right to and protection of gainful unemployment. the minimum guaranteed staycation is 20 days paid not including weekend, additional time off , holidays. at france it starts at 25 per good european court of justice added on another to give a workers the right to to a vacation to over or give back. >> for instance it used the for two weeks for your christmas holiday and use brain drain gold and the last eight-- you are laid up that means they automatically go into your sickly youth then you could have the vacation do over to make up for those days that you weren't that sec or hurt. john: if you say i have they cold? they havto give you that back? >> if it is dead doctor's note to to say she got the sniffles so she will need another seven days of paid vacation. john: italy first. if you start a business and keep it small, up that 10 workers you have some flexibility but number 11 1/2 to have the self assessment outlying every possible health and safety hazard? >> yes. w
revenues are weak thanks in large part to europe. >> everybody is keeping an eye on housing. hopefully it will start. it pays a nice dev did i understand. >> it is it pricey and strauled higher than it has been.thanks for watching. keep it right here. cherul casony is next. houp this can solve this. all out frenzy as millions race to play the powerball lottery and pump millions to several state governments and now someone is calling to create a nation lottery to pay down the debt. if washington is not coming up with new ideas why not debate it i am cheryl casone and welcome to cash in . we have johnathon and tracey and john . jill joining us. wayne we'll start with you. is it time for a national lottery to pay down the federal debt same time. >> a question why not. if it works with the state governments. why not the federal government and make it a big and huge one and any lttle niche that you can knock down the deficit is good. >> okay, but john, what happens to the states. we are finding out that california is signing up for powerball because of the revenues that they get.
's mentioning that the feds started a two-day meeting here. that's not a big issue. europe, though, are we seeing signs of stress again with the concerns about leadership in italy, and problems in greece, and should we pay attention to that than the fiscal cliff discussions? >> well, you know, right now, doesn't seem like the market is paying attention to that right now. it reminds me a lot of september, before the election, when the s&p's rallied. everything was con taped. we were worried about central bank, liquidity, numbers okayed here, heating up in china. people thought europe was contained, and it feels that way now. people looking past the headlines whether it's the fiscal cliff or europe. i mean, there's a lot of doom day sayers out there, and it makes sense, but it seems like everything right now is contained, and the trade is up to the upside. david: right. liz mentioned the fed decision coming up, should be hearing about it tomorrow. what's the market expecting from the fed? in what way will they be excited or disappointed? >> well, i think the market, if you look at the option
. if they do keep doing it -- that helps. the businesses grew almost 100% in europe. the stock breaks out at 57. lori: we will take it. charles: relish is on me. i am taking it one step at a time. it is my third job. [talking over each other] charles: i have to make money on the side. did you see the christmas list? lori: let's do stocks based on your wife's christmas list. [ laughter ] charles: you got it. lori: let's check the markets. it has been 15 minutes since we last checked in with lauren. >> fedex shares are doing well today. they are up by just under 3%. if you took out the impact of hurricane sandy that hit in late october, fedex would have reported earnings better than expected. that would be the good news. they are keeping an outlook for the full year and also their expectations for overall u.s. economic growth. what is interesting about fedex is there air expression, they're more expensive way to ship things. if you wanted to use fedex ground, monday was the deadline. tomorrow is the deadline for ups regular ground shipping if you want those gifts in time for christmas. melissa: i
conference in just a few hours. as for europe, some green arrows, despite a miss in the eurozone in production this morning. >> the road map starts this morning with, of course, the fed. expectations for revamped bond buying program. what will the economic forecast say about next year and what to make of the "wall street journal" story that says academics are driving monetary policy at secret dinners in switzer land. >> more counteroffers in the debt negotiations. it looks like corporate taxes are part of the deductions. >> costco beats by 2 cents, better sales and better sales and membership fees. >> some more reports about apple tv today. the journal said it's designing a high -- new high-resolution set. microsoft trying to widen the list of retailers that will carry the surface tablet. the fed is going to wrap up its two-day meeting. a watch is on to see if ben bernanke and policy makers make a decision about the interest rates. later on, the chairman will hold a news conference, and of course, cnbc, will bring it to you live. coverage beginning at 2:00 p.m. eastern. jim, a lo
, businesses started cutting back aggressively. and i think that was partly because of concern over europe. conference over china. businesses are running very, very clean right now. i do think there's capacity. >> and maybe that business investment will help the consumer who will feel the pinch of higher taxes? >> that's the hope ultimately is that you get that multiplier. businesses and corporations have been doing well, they have cash on the balance sheets and they start lending. i think one of the other crucial components is credit creation. it can't just come from large corporations. it has to come from medium and small bess. >>> coming up, bob doll gives us his outlook for the fed. linking rates to the unemployment rate. then at 8:00 eastern, a cnbc exclusive, david tepper, one of the world's top performing hedge fund managers will give us some of his investing wisdom and what will be a can't miss "squawk box" interview coming right back. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perf
europe. we have not had a lot of problees. seems like the greeks are kind to getting things. >> the last few days, europe markets have been pretty strong. as you said, a sleeping giant. cheryl: i do not want to see anything change. it has been nice. gentlemen, thank you. i appreciate it. great floor show today. uncertainty seems to be the norm in washington these days. last year you have the debt ceiling convey. congress had trouble putting together a deal. now the u.s. may be heading for the fiscal cliff. what does that mean for you and your investments? we have the jobs report today for a brief moment. we weren't worried about the fiscal cliff. now, we are back. what do you make of it? >> the jobs report was okay. there are some signs of very modest improvement in jobs. the good news is we have not really lost momentum and i will put that in the victory column. from a very short-term perspective, it is the fiscal cliff that is on everyone's mind. consumer sentiment is starting to decline. that suggested everyone seems to be focused on the fiscal cliff. when you are focused on uncertain
right after the open. as for the action in europe, taking its cues from the united states. we'll see a big rally in china extending one of its biggest rallies in three years. we have a mixed bag in europe with italy up by about .2 of 1%. >> we'll do our best to keep focused on the business day. we'll be following the tragic shooting in connecticut, of course. the new york stock exchange will hold a moment of silence to honor the victims in the next few moments, and we'll be looking at the president's call for meaningful action and the politics of gun control. >> let's get to a road map for this morning. it starts with apple. under pressure once again. even dipping below $500 a share at some point this morning. shares will remain range bound near term. iphone 5 sales and cannibalization among the region. >> other concessions from the gop, the speaker proposing tax hikes for millionaires. could this be the tipping point. moving the talks beyond deadlock. >> a big week for earnings. yes, earnings. fedex, research in motion among the companies reporting. so finally maybe we'll be talking
. >> that we're just relieved, and that you don't get the huge bounce. but europe is also tracking what we're doing here. as it should really. our economy is much more important to the globe than what happens in any of those little economies over there. the shares drifting higher in early trading on expectations that a budget deal is closer. in asia, japan's nikkei rising above the 10,000 mark, wow, the first time in more than eight months. still a ways from 50,000. among the catalysts, expectations of more aggressive monetary stimulus from the bank of japan. the boj wraps up a two-day meeting with a policy announcement tomorrow. >>> the world bank in the meantime is raising its 2013 economic growth forecast for china and for developing east asia. the organization says that the region remains resilient despite the lackluster performance of the global economy. the world bank sees china expanding by 8.4% next year. it's expecting that it will be fueled by fiscal stimulus and the faster implementation of large investment projects. today's forecast is higher than an earlier one that was sited
right now at where things stand in europe, you'll see that the ftse is barely higher. but you do see a bit of a decline for germany and france and modest moves across all of these markets. the bank of japan easing monetary policy again today, announcing an increase of its asset buying and lending program by more than $118 billion. that move was widely expected as part of the reason that you had seen the yen under quite a bit of pressure, yesterday, at least. you'll see right now that in japan, the market there actually closed down by just over 1%, 1.2% almost. the hang seng and the shanghai composite were slightly higher. oil prices this morning, you'll see right now, are down by about 4 cents to $89.94, so you have things to pick up in those prices over the last couple of days. and the ten-year note at this point which yesterday was yielding above 1.8%, dropping down to 77.2%. finally, take a look at the dollar and gold. yen is at 83.99. gold prices this morning with all these movements in the currency markets up by about $1.10. >>> winter storm draco is moving across the united sta
done very good so far. >> that's interesting, because europe has taken a back seat to many soft other issues. you still worried about europe? should that be part of our investment idea portfolio? >> as david said, that's improved dramatically, too, and it's really taken a back seat, so i would say, as david said, that some type of deal is priced into the market. >> let's do it this way. your single best idea to invest in, and then i'll get yours. >> financials, not necessarily the big banks but bank of new york melon. >> why? >> a processing bank, because it's the cheapest sector. a lot of momentum going for it right now. >> even the low rate that hurt their bottom line because it's tough to lend and borrow at such low rates. >> keep in mind, bank of new york melon, they are a processing bank so lending is not that big a deal to them. >> profit, production and personal income are the three things to watch, the three ps. >> what's your single best? >> our single best idea is apple computers. >> still? >> yes, and johnson & johnson? >> they are barbell. >> down 9 out of the last 11 week
is going to be, fiscal cliff going into the end of the year, we'll start to focus on europe and japan printing money over there. we'll get back into the macroeconomic horizons and see how it goes. but yeah. i think there's been some outflows in certain sectors, risk is on here. >> all right. bill nichols how are you playing this waiting game right now? >> i think one of the real interesting sectors one of the guests mentioned is the action in financials. you look at bank america and you haven't seen any real participation in the financial sector for four or five years. that's one to keep an eye on. you may see a meaningful move. that could be good for the market. >> you don't think it's too late -- >> -- next year in terms of a tax increase. >> bank of america is the best performing this year. it's not too late to get into that? you think there's more to come? >> look at the short-term move and it looks good. look at a five or six year chart and it's a different story. looks like you've got more room on the upside. >> rick santelli, jump in here. what are you seeing in chicago the mov
a smaller place. we supported the marshall plan that helped europe regain its strength. and pioneered the atm, so you can get cash when you want it. it's been our privilege to back ideas like these, and the leaders behind them. so why should our anniversary matter to you? because for 200 years, we've been helping people and their ideas move from ambition to achievement. and the next great idea could be yours. ♪ >>> so is president obama's labor relations board biased on behalf of big labor and their union bosses? that's the consensus of the new congressional report. joining us now is house oversight chairman, republican darrell issa of california. chairman issa, as always, welcome, sir. the headline story here is that the nlrb is bias in favor of unions and their bosses. that's not a shocking headline. but i just wanted to hear some of your key points. what's your most important point in your investigation? >> i think one of the most important discoveries was that there were inappropriate rule violations, what they call ex parte discussions that went on where you actually have the p
canal that made our world a smaller place. we supported the marshall plan that helped europe regain its strength. and pioneered the atm, so you can get cash when you want it. it's been our privilege to back ideas like these, and the leaders behind them. so why should our anniversary matter to you? because for 200 years, we've been helping people and their ideas move from ambition to achievement. and the next great idea could be yours. ♪ can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. . >>> what i care about is reducing the deficits. we'll investigation pleasive growth in the country. >> how high will this market go in the face of the fiscal cliff? >> so bad they are actually good. j.c. penney and groupon have been miserable stocks this year, and their ceos are both in the running for herb greenberg's worst ceo award of 2012 which he'll bring you live. could there be more upside for these troubled names? let's talk number
, stabilization in europe and the u.s. at 2.7% gdp growth is a little stronger to handle this, so that's why i think you want to be buying on this. >> everybody wants to buy. so many people -- you want to be bullish, but these guys in washington, and gals in washington, give you so little reason to actually be bullish. you're right. the corporate sector you know, loaded with cash, fundamentals turning positive. >> but this is the big difference from last year, last summer where the economy was so fragile. we were in such a fragile state last suggest so it was easy to tip us over. now we're a little better here in the states but a lot better in china, and a little bit better in europe. >> we've got to get to jim. >> because of the contrarian view, jim, is once we get a deal, we sell right into the deal. >> yeah, that's right. i'm going tonight skunk at the garden party here, and i'm geg going to tell you i never thought we'd get a deal. throwing rocks at each other. more likely we won't get a deal. the economy is as bad as last summer, looking at 1.5% growth for the fourth quarter, maybe the sa
't chuck out a guy and hope that this doesn't come back to bite you. stuart: and europe remains ubergreen-- and sorry to use the words-- and ubergreen. yes, we've cut carbon emissions, but shipped more to china and india than the u.s. has. remember, whereas we've paid a lot of money to cut our carbon emixes the u.s. is cutting more by using fracked gas cut more than europe and-- >> environmentalists don't want fracking, the water and the-- >> there are problems with fracked gas, but amaze lig green option for the next ten years and that's one thing that europe doesn't get. and china and india do. stuart: move to america and fracking and-- >> thank you very much indeed, sir. new at 10, listen to this, united states the land of opportunity, oh, yes, for some chinese tourists they're take full advantage of the hospitality. a so-called maternity hotel where chinese mothers are paying to stay and have their babies, instant citizens. good story and it's new at 10. also, time is money, as you well know. so, here in 30 seconds is what else we're watching for you. the tax the rich crowd has gone t
of les it self-- they're doing themselves a disservice and if you look at the structure in europe where mcdonald's is very large, le mcdonald's hamburger is a dollar and a half more so that's really added labor costs. >> brenda: gary b, we're the not just talking about fast food, we've seen it at wal-mart, at airports, at the shping ports and they're flexing their muscles. >> absolutely, and they have the backing of the current administration, and i don't dismiss what jonas says that ions are going to these quote, unquote, highly skilled. i remember, i worked in a cardboard box factory, i had to join the teamsters and i worked as a supermarket cashier, i had to join the retail clerks union. so could it get to fast food? absolutely. you're right, brenda, it can because they're flexing their muscle and have the backing of the current political environment. >> brenda: larry. >> brenda, the younes need to reinvent themselves. if they need to get into my skilled jobs and earn higher wages and that's the key. >> you're right and the ia of organizing the lowest end of the structure here is, as
. that was growth of the growth off the growth. melissa: right. >> the lesson to be learned from europe isn't to be careful on cutting. it is to be careful on hike being, on hiking taxes. the beast is the government, in my opinion here. the beast is the government. you don't reward the beast by giving it more food, more dollars. that's what i near is going on here. melissa: yeah. lori: the president's desire to get rid of the debt ceiling limit at all, what kind of ramifications, what could happen? are we looking at another debt downgrade? a second downgrade could be really, really -- >> here is what i agree with him. this charade we go through every few months on the debt limit. republican presidents, democratic presidents, mark zandi from moody's it does damage our credibility. i agree to something like that. i didn't like fiat saying i will handle the debt thing. that would be like letting me run loose in a best buy electronics store. not a good idea. i understand where he is coming from. we do have a find a way we can, you know, not hold our entire government hostage to these debt ceili
the market at a time where demand in europe right now is relatively weak. we're seeing that supply cushion. the other thing is the market has been pricing in a lot of worst-case scenarios. obviously doesn't seem to be getting a lot worse than what is happening but definitely it has been priced in to a certain extent, phil flynn, always knowledgeable. price futures group. >> thank you. lori: 'tis the season. the little town of rudolph, ohio, trying to save christmas. melissa: striking workers in california may turn into thh grinch that stole it. the port of long beach executive director j christopher lytle will join us how this could impact your holidays. ♪ . >> i'm liz macdonald with your fox business brief. stocks are swinging between gains and losses today as investors continue to focus their attention on washington, d.c. and the fiscal cliff negotiations. u.s. banks posting their best quarterly performance in six years. according to the fdic, banks posted a combined profit of more than 37 1/2 billion dollars during the third quarter. that is the 6.6% increase from the same time last y
the u.s. becomes like greece. there a terrible economy with 26% unemployment, the highest in europe, and almost no job opportunities for young people frequently lead to riots in the streets. now here a leading democrat is suggesting cutting spending too quick -- too quickly is the real problem. >> the community is concerned about all of their as you teary too. there are many things you can do to reduce debt, but still have a a -- an aspect of the economy. >> some say europe's austerity is a drag on economic growth because it relies on taxation while failing to rein in the expansion of government. and that would seem to back up a republican theme in this fiscal cliff argument. >> if we raise taxes on the top two rates which is about a million small businesses who employ 25% of the workforce, it will cost us over 700,000 jobs and reduce economic growth and lower take home pay. that's a bad scenario. >> the lead negotiator on the republican side of the table facing mr. obama says raising taxes on upper income americans will not fix the huge problems this country is facing. >> even if t
for dairy lovers. scientists in europe say they found the oldest evidence yet of cheese making. 7500 years old. researchers tested pottery fragments from poland, which had strainers that could have helped make beer, honey or cheese. hopefully beer. they say they found lots of fatty milk residue, so figured those prehistoric humans were making cheese. nasa scientists say it's like a baby picture of the universe. the hubbell telescope capturing images from billions of years back. just after the universe was born. first, the man who teamed up with the beatles to bring traditional indian music to a global audience has died. ♪ ravi shankar performed across europe and in the united states since the 1950s. but it was his friendship with george harrison that shot him to global staffer dom. he gave the beatles, that beatle, lessons in playing the sitar, which you can hear on songs like "nor wean i can't think wood." the pear later collaborated on the concert for bangladesh. he seemed amused when the audience applauded him tuning his instrument. among his children, norah jones. in a statement, hi
minister resignation soon and the impact on europe's debt crisis. crude and in the day down $0.37 $85.56 per barrel. gasoline has come down $0.10 over the past few weeks. korn falling to a three-week low so far i'm growing demand overseas for supplies from the u.s. soybeans also dropping on slowing demand. david: peter kenny, to see his communicates, some of the best material on what is happening in the market around the world. we have him here live. and peter barnes with the latest developments on the fiscal cliff negotiations, but let's art in chicago with john, two very interesting situations continuing, drama over the fiscal cliff in d.c. and also this week we have the fed meeting. which is more important to the market? >> eventually it will be the fiscal cliff that is more important to the market, but make no doubt about it, the fed meeting with the announcement wednesday morning and wednesday afternoon is going to continue to support risk assets. you were talking about how the dollar is melting up for the fourth consecutive day. the federal reserve will make a very active effort
again, very tiny amounts of electricity, and in europe, we're seeing the green guru, james lovelock calls it the greatest folly on europe, relying on wind power to help base llad of electricity. denmark which people holds model, has not shut a single coal based plant or carbon based plant since they went all wind. sandra: easy to get emotional. so let's put facts. energy department under current administration spent $1.69 billion in loan guaranties for wind projects. >> yes. sandra: so far no offshore wind pardon me is operating today in american waters but yet we are now announcing tens of millions of more dollars being spent to do so. >> yeah. looks like first ones might go online in new jersey in 2013 or 2014. so it is still far away. even once you get it though, you still have all the other environmental issues from bird impacts, unsightlyness of it. it is intermittent power. all the money going into it, at the same time, we're shutting down coal and now the obama administration has announced its intent to go after natural gas tracking and shale oil -- fracking and shale oil bec
. they could start making the point europe and japan has been doing this a couple of years now, massively raising taxes. japan is now in official recession. southern europe is contracting. france and germany about to go into recession. what can't you guys learn? higher taxes don't work. melissa: yeah. but seems lying the public at large has not bought that argument. mitt romney tried to make that argument. a lot of people tried to make the argument. it hasn't worked. >> you emphasize what is the best way to get the economy moving again. means to end. instead of fighting on democrat's ground, establish your own ground. taxes does notn growth. greater spending does not mean growth. mammoth regulations taking away control from patients does not lead to growth. fight on your own turf instead of democrats. melissa: you're a master of negotiation. you know so much about this. how would you reset the negotiations? >> toss out a few grenades. passing in the house entitlement reforms can't take any benefits from existing beneficiaries. love to see the senate reject that one. how about another bill
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